B2BX Exchange / Trading / Reserve (Iceberg) order

Reserve (Iceberg) order

An order where the size is not displayed. Orders with no displayed liquidity are referred to as “Hidden Orders.” Orders wherein displayed liquidity is greater than zero, but less than that of the full order size, are referred to as “Iceberg Orders”. Reserve orders are large single orders that have been divided into smaller limit orders, for the purpose of hiding the actual order quantity. The Reserve attribute, applied through the Display Quantity field, provides a way to submit large volume orders to the market in increments while publicly displaying only a specified portion of the total order size.